It’s time for the world’s business and political leaders to focus on the longer term rather than the “the next payment, the next quarter, or the next election” – for the sake of future generations.
What started as a global financial crisis has mutated into a full-blown economic pandemic, from which no country has been quarantined. Perhaps of more significance from a long-range perspective, is that we are witnessing the dawning of a new world order. “My way or the highway” may have to yield to the “Golden Rule”. Those who have the gold make the rules.
The present predicament is the result of decades of failed fiscal and monetary policies and a Gordon Gekko, short sighted winner-take-all, culture. As President Obama so eloquently puts it, “We have been living through an era, where, too often, short-term gains were prized over longer-term prosperity, where we failed to look beyond the next payment, the next quarter, or, the next election”.
It is a tragedy of epic proportions, not just for the present generation, but for future generations as well. Like those unborn citizens whose forebears left a legacy of unjust conflict, today’s grandchildren are in danger of inheriting a poorer quality of life which was not of their making. What we now confront is not a cyclical downturn, but structural imbalances of enormous proportions, against which traditional remedies are likely to provide only short-term relief.
Between 1990 and 2007, we saw the biggest credit explosion and consumption binge in history. This liquidity created a deep fundamental disequilibrium between surplus and deficit countries.
Mr Newman will delve into these issues when he addresses the Chamber during his upcoming visit to Japan. This is a unique opportunity to hear from this esteemed speaker as he focuses on the long-term perspective of this important issue.
Maurice Newman AC is currently Chairman of the Australian Broadcasting Corporation. He was former Chairman of the Australian Securities Exchange (ASX Limited), retiring from that position in 2008.
Mr Newman’s career spans forty years in stockbroking and investment banking, including as Managing Director in 1984, and Executive Chairman from 1985 until 1999, of what is now the Deutsche Bank Group in Australia. He was Chairman of the Deutsche Bank Asia Pacific Advisory Board and a Director of Deutsche Bank Asia Pacific from 1999 to 2001. He was also Chairman of Deutsche Asset Management (Australia) Limited from 1997 until 2000.
Mr Newman has chaired a number of Asian business alliances including the East Asia and Oceania Stock Exchange Federation, and the Australia Taiwan Business Council. He has been an adviser to Australian governments, as a member of the Consultative Committee on Relations with Japan (1984-1987); a Commissioner of the National Commission of Audit (1996); a member of the Business Advisory Panel established by the Minister for Multicultural Affairs (1997 – 2002); Chairman of the National Judging Panel for Innovation in Local Government (1997-1998); Chairman of the Commonwealth Government’s National Year 2000 Steering Committee (1997-2000); and the Business Mature Age Workforce Advisory Group (2000–2001); Co-Chair of the Singapore Australia Business Alliance Forum (1999 – 2002); Member of the New South Wales Premier’s Major Events Board (2002 – 2004); and Chairman of the Federal Treasurer’s Financial Sector Advisory Council (1998 – 2007).
In 1997, he was Australia’s Private Sector Representative to the First Commonwealth Heads of Government Meeting Business Forum held in London; and in 1999 led a delegation of senior Australian executives to New York promoting “Australia, the Dynamic Success Story of the Asia Pacific – A Centre for Global Financial Services”.
From 1999 until February 2003, Mr Newman was the Chairman of Acrux Limited. From January to August 2003, he was a Member of the Advisory Committee of Australasian Medical Insurance Ltd; from 2001 to 2004 a Member of the Advisory Council of the Asia Society AustralAsia Centre; and from 1998 to June 2004, Chairman of the Sydney Legacy Citizen’s Committee. He served as a Director of the Australian Broadcasting Corporation from December 2000 to June 2004.
In 2002 he was appointed Chancellor of Macquarie University, and Advisor to the Marsh Group of Companies. In June 2004 he was appointed a Director of the Queensland Investment Corporation. He is Chairman of the Sydney Convention & Visitors Bureau; Tourism NSW; the Australian Father’s Day Council; the Taronga Zoo Foundation; Patron of CEDA, Member of the Business Council of Australia’s Chairmen’s Panel; and Civil Patron, Royal Australian Naval Reserves, Professional Studies Program.
Mr Newman was awarded a Companion of the Order of Australia, AC in 2002, and an Order of Australia, AM in 1994. In 1999 Mr Newman was awarded the Economic Medal First Class by Taiwan’s Ministry of Economic Affairs for services to Australia-Taiwan relations; in 2001, the AustCham Singapore President’s Medal for services to Australia-Singapore relations; and in 2002 was made an Honorary Life Member and Fellow of SDIA. In 2003 he was awarded the Centenary Medal for outstanding service to the financial services industry.
Reservations can now be made online at www.anzccj.jp/events
Reservations will also be accepted by email to [email protected]
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RSVPs close: Monday 7 September 2009
‘No shows’ and cancellations after this date will be invoiced
‘No shows’ and cancellations after this date will be invoiced
Guests please remit payments by COB Monday 7 September to the following account:
Mitsui Sumitomo Bank: Akasaka Branch
Ordinary Account #7923681
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Map: www.australia.or.jp
